Ruth (31) is your new client. She graduated from GBC five years ago. Since then, she has worked hard and progressed at her job. Two years ago, she bought a condo and now she finds that money is tight. She is looking for your input on her financial position. Below is the financial data she provides for 2020. Incomes and expenses are annual, assets and liabilities are balances on Dec 31st, 2020.

Chequing Account $3000 RRSP $21000 Saving Account $6000 Condo $590000 Stock Portfolio $18000 Car $39000 GIC (5-year term) $7000 Student Loan $21000 Car Loan $25000 Line of Credit (Outstanding) $29000 Employment Income $88000 Mortgage Debt $250000 Income Taxes $32000 Clothing $2500 Mortgage payments $17000 Heat $2000 Food expenses $5500 Entertainment $5000 Loan payments $11000 Transportation $4500 Insurance premiums $3000 Vacation $4000 Charitable Donations $1000 Property Taxes $4500

Calculate and EVALUATE her Total Debt Service Ratio

Identify and justify which expense (s) you recommend she decreases. Ensure you EXPLAIN FULLY your rationale for the expense (s) included